Icesave default paves the way for FSCS to help UK depositors

8th October 2008

The UK authorities and FSCS are stepping in to help customers of Icesave after the firm was declared in default by the Financial Services Authority (FSA). The move paves the way for FSCS to help the bank's UK customers. FSCS is working closely with HM Treasury and the FSA to take the necessary steps to pay people back their money.

FSCS Chief Executive Loretta Minghella said: "We know that many savers with Icesave are anxious about their savings. Following the Chancellor's announcement retail depositors can be confident they will be repaid in full.

"We are working closely with all concerned on the practical arrangements to get people their money back as quickly as possible. We hope to be in a position to say more about the arrangements by the close of business on Friday, and we will publish updates on our website."

For more information, please check our website or call our helpline on 020 7892 7300.

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